About The Software

• Wheels Exquisite  Practice Set Program
  3^rd Edition, Version 2
  
  

This 3^rd edition of McGraw-Hill/Irwin’s Wheels Exquisite practice set was developed for the second semester accounting student.  The Wheels Exquisite practice set uses the corporate form of ownership and a perpetual inventory system with an inventory ledger.

Wheels Exquisite, Incorporated, is a computerized practice set that requires the student to enter daily, adjusting, and closing entries for the last month of the third quarter of the fiscal year.  Wheels Exquisite maintains a perpetual inventory system, which includes a subsidiary ledger for merchandise inventory. The month is divided into four 7 day modules starting on September 3^rd.  At the end of each module, the students are required to print a trial balance and check their account balances against the “Check It Out Box”.  This box contains the correct balances of several of the accounts that have had significant activity, or no activity during this data entry period.  The students may use their general journal and check figures to verify their work and if necessary, locate any error/s and correct them.  At the mid-point of the project, (end of module two) the students are required to print several documents and answer the Mid-Point Evaluation questions.

After completing Modules 3 and 4, the students will prepare a bank reconciliation, and record the adjusting and closing entries (this is an automatic process).  When the financial statements and selected documents are printed, the student can verify their work against the “Check It Out Box”, make corrections (if necessary), and use the documents to answer the Final Evaluation questions.

Additional Features:

1. The perpetual inventory system requires students to enter the inventory item numbers and number of units of the items being purchased or sold.  When items are sold, the program automatically records and posts the required entry to Cost of Goods Sold and Merchandise Inventory.  This automatic entry is based on the assigned markup on the cost of the inventory items sold.
2. The last step in the accounting cycle, closing the General Ledger, is an automated process that requires the student to click on a “Close JE” button, and the closing entries are automatically recorded in the General Journal and posted to the General Ledger.
3. The evaluation questions can be graded electronically and submitted to the instructor in printed form or e-mailed for recording.  Key documents, such as the income statement and balance sheet, can be attached to the e-mail of the completed evaluation